FirmAtlas
Company handbook · ADBE · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
ADBE · CIK 796343 · LATEST FILING: 10-Q AUG '26 · FILED SEP 22, 2026
ADOBE INC.
$245.20
−6.47 (−2.57%)
Last trade 3:59 PM ET, Oct 16, 2026 · 52-week $190–364
Adobe sells software, mostly by subscription, for making and editing images, video and documents: Creative Cloud (Photoshop, Premiere Pro, Illustrator), Acrobat, and Firefly AI models. It also sells software that businesses use to run marketing, websites and customer data (Adobe Experience Cloud).
- SegmentsDigital Media 74% · Digital Experience 25% · Publishing And Advertising 1% (FY25)
- ProductsSubscription Revenue 96% · Service Other 2% · Product 1% (FY25)
- CustomersCreative professionals, consumers, students and businesses of all sizes; sold online on its own website and app stores, and through its sales force and resellers
- ChangeDigital Media 74% of revenue in FY25, up from 65% in FY15
- Cash useFY16–FY25: buybacks $45.7B · acquisitions $9.7B · capex $3.0B
Reinvested 21% of operating cash flow · returned 81% of free cash flow
Last fiscal year
ADOBE INC. reported revenue of $23.8B for the year ended Nov 28, 2025 (FY25), up 10.5% from FY24. Net income was $7.1B, operating cash flow $10.0B and free cash flow $9.9B. Source: 10-K filed Jan 15, 2026.
Shantanu Narayen will retire as CEO on December 1, 2026, when Anil Chakravarthy, President of the Customer Experience Orchestration business, takes over; Narayen becomes Executive Chair.
8-K · Sep 2026CFO Daniel Durn resigned effective June 15, 2026, and Steven Day was appointed interim CFO.
8-K · Jun 2026Adobe completed the acquisition of Semrush, a brand visibility platform, for $1.87 billion in April 2026.
10-Q Aug '26
As of 2026-10-16 · Opinion only, not investment advice or a forecast.
Market cap
$101.3B
P/E
13.9
EV/EBITDA
10.6x
P/B
8.6
ROIC
61.6%
Revenue 10Y
17.4%/yr
EPS 10Y
29.7%/yr
Shares 10Y
−17%
Share count down 17% in 10 years.
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOAnil Chakravarthy
HQSan Jose, CA
AuditorKPMG LLP
Employees31,360
Year endsNovember
Revenue by segment · FY25
Digital Media74%
Digital Experience25%
Publishing And Advertising1%
Compounded growth & averages
10Y
5Y
3Y
TTM
Revenue
17.4%
13.1%
10.5%
12.0%
Net income
27.5%
6.3%
14.5%
4.7%
EPS
29.7%
9.0%
18.2%
11.7%
Share price
8.6%
−16.7%
−23.6%
−25.5%
Avg ROIC
40.8%
46.0%
50.3%
61.6%
The 10Y window starts at FY15, the lowest net income in the record ($630M).
The windows end at FY25, the highest net income in the record.
Growth rows are yearly compound rates; ROIC is an average.
TTM = last four quarters vs the four before (1Y for price, latest year for averages).
Where the cash went · FY16–FY25
$58.4B deployed
Capex
$3.0B
5.1%
Acquisitions
$9.7B
16.7%
Buybacks
$45.7B
78.2%
Operating cash flow over the period: $59.7B. Total debt changed by +$4.3B.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
After-tax operating profit growth, split into its two engines · A = FY22, B = FY25 · A = FY20, B = FY25 · A = FY15, B = FY25
Capital-light
Decomposition skipped. Returns on invested capital run above ~100%, so ROIIC math breaks here. Read the business through earnings and cash-flow compounding instead.
NOPAT growth
+13.8%
After-tax operating profit, CAGR A to B
FCF per share growth
+14.2%
Free cash flow ÷ shares, CAGR A to B
Capital = operating invested capital (net PP&E + working capital)
Capital-light
Decomposition skipped. Returns on invested capital run above ~100%, so ROIIC math breaks here. Read the business through earnings and cash-flow compounding instead.
NOPAT growth
+10.9%
After-tax operating profit, CAGR A to B
FCF per share growth
+16.6%
Free cash flow ÷ shares, CAGR A to B
Capital = operating invested capital (net PP&E + working capital)
Capital-light
Decomposition skipped. Returns on invested capital run above ~100%, so ROIIC math breaks here. Read the business through earnings and cash-flow compounding instead.
NOPAT growth
+27.0%
After-tax operating profit, CAGR A to B
FCF per share growth
+24.9%
Free cash flow ÷ shares, CAGR A to B
Capital = operating invested capital (net PP&E + working capital)
Financials
10-year record · USD millions · each year opens its 10-K · FY25 = year ended Nov 28, 2025 · change vs previous year
Last 8 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Aug '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
5,854+22.1%
7,302+24.7%
9,030+23.7%
11,171+23.7%
12,868+15.2%
15,785+22.7%
17,606+11.5%
19,409+10.2%
21,505+10.8%
23,769+10.5%
25,970
YoY
+22.1%
+24.7%
+23.7%
+23.7%
+15.2%
+22.7%
+11.5%
+10.2%
+10.8%
+10.5%
Gross profit
5,035+24.3%
6,291+25.0%
7,835+24.5%
9,498+21.2%
11,146+17.4%
13,920+24.9%
15,441+10.9%
17,055+10.5%
19,147+12.3%
21,218+10.8%
23,179
Gross margin
86.0%+1.5 pp
86.2%+0.2 pp
86.8%+0.6 pp
85.0%−1.7 pp
86.6%+1.6 pp
88.2%+1.6 pp
87.7%−0.5 pp
87.9%+0.2 pp
89.0%+1.2 pp
89.3%+0.2 pp
—
Operating income
1,494+65.4%
2,168+45.2%
2,840+31.0%
3,268+15.1%
4,237+29.7%
5,802+36.9%
6,098+5.1%
6,650+9.1%
6,741+1.4%
8,706+29.1%
9,271
Operating margin
25.5%+6.7 pp
29.7%+4.2 pp
31.5%+1.8 pp
29.3%−2.2 pp
32.9%+3.7 pp
36.8%+3.8 pp
34.6%−2.1 pp
34.3%−0.4 pp
31.3%−2.9 pp
36.6%+5.3 pp
—
EBITDA
1,825+46.9%
2,494+36.7%
3,186+27.7%
4,025+26.3%
4,994+24.1%
6,590+32.0%
6,954+5.5%
7,522+8.2%
7,598+1.0%
9,524+25.3%
—
EBITDA margin
31.2%+5.3 pp
34.2%+3.0 pp
35.3%+1.1 pp
36.0%+0.7 pp
38.8%+2.8 pp
41.7%+2.9 pp
39.5%−2.3 pp
38.8%−0.7 pp
35.3%−3.4 pp
40.1%+4.7 pp
—
Interest expense
70+9.8%
74+5.6%
89+19.6%
157+76.4%
116−26.1%
113−2.6%
112−0.9%
113+0.9%
169+49.6%
263+55.6%
—
Interest coverage
25.91x+6.55x
33.52x+7.61x
35.80x+2.28x
25.64x−10.16x
43.05x+17.41x
58.32x+15.27x
62.09x+3.77x
66.57x+4.48x
44.96x−21.61x
36.21x−8.75x
—
Net income
1,169+85.7%
1,694+44.9%
2,591+53.0%
2,951+13.9%
5,260+78.2%
4,822−8.3%
4,756−1.4%
5,428+14.1%
5,560+2.4%
7,130+28.2%
7,284
YoY
+85.7%
+44.9%
+53.0%
+13.9%
+78.2%
−8.3%
−1.4%
+14.1%
+2.4%
+28.2%
Net margin
20.0%+6.8 pp
23.2%+3.2 pp
28.7%+5.5 pp
26.4%−2.3 pp
40.9%+14.5 pp
30.5%−10.3 pp
27.0%−3.5 pp
28.0%+1.0 pp
25.9%−2.1 pp
30.0%+4.1 pp
—
EPS (diluted, $)
2.32+87.1%
3.38+45.7%
5.20+53.8%
6.00+15.4%
10.83+80.5%
10.02−7.5%
10.10+0.8%
11.82+17.0%
12.36+4.6%
16.70+35.1%
17.96
YoY
+87.1%
+45.7%
+53.8%
+15.4%
+80.5%
−7.5%
+0.8%
+17.0%
+4.6%
+35.1%
Balance sheet
Total assets
12,697+8.3%
14,536+14.5%
18,769+29.1%
20,762+10.6%
24,284+17.0%
27,241+12.2%
27,165−0.3%
29,779+9.6%
30,230+1.5%
29,496−2.4%
29,981
Cash & short-term investments
4,761+19.4%
5,820+22.2%
3,229−44.5%
4,177+29.4%
5,992+43.5%
5,798−3.2%
6,096+5.1%
7,842+28.6%
7,886+0.6%
6,595−16.4%
—
Accounts receivable
833+24.0%
1,218+46.2%
1,359+11.5%
1,535+13.0%
1,398−8.9%
1,878+34.3%
2,065+10.0%
2,224+7.7%
2,072−6.8%
2,344+13.1%
—
Net PP&E
816+3.7%
937+14.8%
1,075+14.7%
1,293+20.3%
1,517+17.3%
1,673+10.3%
1,908+14.0%
2,030+6.4%
1,936−4.6%
1,873−3.3%
—
Other assets
6,287+0.1%
6,561+4.4%
13,106+99.8%
13,757+5.0%
15,377+11.8%
17,892+16.4%
17,096−4.4%
17,683+3.4%
18,336+3.7%
18,684+1.9%
—
Total liabilities
5,272+11.6%
6,077+15.3%
9,407+54.8%
10,232+8.8%
11,020+7.7%
12,444+12.9%
13,114+5.4%
13,261+1.1%
16,125+21.6%
17,873+10.8%
18,217
Accounts payable
88−5.7%
114+29.0%
186+64.0%
209+12.2%
306+46.4%
312+2.0%
379+21.5%
314−17.2%
361+15.0%
417+15.5%
—
Total debt
1,892−0.8%
1,881−0.6%
4,125+119.2%
989−76.0%
4,117+316.3%
4,123+0.1%
3,629−12.0%
3,634+0.1%
5,629+54.9%
6,210+10.3%
4,766
Other liabilities
3,292+20.8%
4,082+24.0%
5,096+24.8%
9,034+77.3%
6,597−27.0%
8,009+21.4%
9,106+13.7%
9,313+2.3%
10,135+8.8%
11,246+11.0%
—
Shareholders’ equity
7,425+6.0%
8,459+13.9%
9,362+10.7%
10,530+12.5%
13,264+26.0%
14,797+11.6%
14,051−5.0%
16,518+17.6%
14,105−14.6%
11,623−17.6%
11,764
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,200+49.7%
2,913+32.4%
4,029+38.3%
4,422+9.8%
5,727+29.5%
7,230+26.2%
7,838+8.4%
7,302−6.8%
8,056+10.3%
10,031+24.5%
10,806
Net income
1,169+85.7%
1,694+44.9%
2,591+53.0%
2,951+13.9%
5,260+78.2%
4,822−8.3%
4,756−1.4%
5,428+14.1%
5,560+2.4%
7,130+28.2%
—
Depreciation & amortization
332−2.3%
326−1.7%
346+6.1%
757+118.8%
757+0.0%
788+4.1%
856+8.6%
872+1.9%
857−1.7%
818−4.6%
—
Stock-based compensation
349+4.0%
454+30.1%
610+34.2%
788+29.2%
909+15.4%
1,069+17.6%
1,440+34.7%
1,718+19.3%
1,833+6.7%
1,942+5.9%
—
Working capital & other
350+112.7%
438+25.2%
482+9.9%
(74)−115.4%
(1,199)n/m
551n/m
786+42.6%
(716)−191.1%
(194)n/m
141n/m
—
Cash from investing
(960)n/m
(443)n/m
(4,685)n/m
(456)n/m
(414)n/m
(3,537)n/m
(570)n/m
776n/m
149−80.8%
(1,187)−896.6%
—
Capex
(204)n/m
(178)n/m
(267)n/m
(395)n/m
(419)n/m
(348)n/m
(442)n/m
(360)n/m
(183)n/m
(179)n/m
—
PP&E sold
0−100.0%
0n/m
—
—
—
—
—
—
—
—
—
Acquisitions
(48)n/m
(460)n/m
(6,314)n/m
(101)n/m
0n/m
(2,682)n/m
(126)n/m
0n/m
0n/m
(17)n/m
—
Investments bought
(2,285)n/m
(1,931)n/m
(566)n/m
(700)n/m
(1,071)n/m
(1,533)n/m
(909)n/m
0n/m
(59)n/m
(2,034)n/m
—
Investments sold / matured
861−26.8%
1,394+61.9%
1,709+22.6%
86−95.0%
167+94.2%
191+14.4%
270+41.4%
223−17.4%
11−95.1%
6−45.5%
—
Other investing
717+102.9%
732+2.1%
753+2.9%
654−13.1%
909+39.0%
835−8.1%
637−23.7%
913+43.3%
380−58.4%
1,037+172.9%
—
Cash from financing
(1,091)n/m
(1,184)n/m
(5)n/m
(2,946)n/m
(3,488)n/m
(4,301)n/m
(6,825)n/m
(5,182)n/m
(7,724)n/m
(11,060)n/m
—
Debt raised
0−100.0%
0n/m
2,248n/m
0−100.0%
3,144n/m
0−100.0%
0n/m
0n/m
1,997n/m
1,997+0.0%
—
Debt repaid
(0.1)n/m
(2)n/m
0n/m
0n/m
(3,150)n/m
0n/m
0n/m
(500)n/m
0n/m
(1,500)n/m
—
Buybacks
(1,075)n/m
(1,100)n/m
(2,050)n/m
(2,750)n/m
(3,050)n/m
(3,950)n/m
(6,550)n/m
(4,400)n/m
(9,500)n/m
(11,281)n/m
—
Other financing
(16)−141.9%
(82)n/m
(203)n/m
(196)n/m
(432)n/m
(351)n/m
(275)n/m
(282)n/m
(221)n/m
(276)n/m
—
Net change in cash
135n/m
1,295+860.8%
(663)−151.2%
1,007n/m
1,828+81.5%
(634)−134.7%
392n/m
2,905+641.1%
472−83.8%
(2,182)−562.3%
—
Free cash flow (OCF − capex)
1,996+55.4%
2,735+37.0%
3,762+37.6%
4,027+7.0%
5,308+31.8%
6,882+29.7%
7,396+7.5%
6,942−6.1%
7,873+13.4%
9,852+25.1%
10,592
Where the cash went
Operating cash flow
2,200+49.7%
2,913+32.4%
4,029+38.3%
4,422+9.8%
5,727+29.5%
7,230+26.2%
7,838+8.4%
7,302−6.8%
8,056+10.3%
10,031+24.5%
10,806
Reinvested in the business
252−75.0%
638+152.8%
6,581+931.9%
496−92.5%
419−15.5%
3,030+623.2%
568−81.3%
360−36.6%
183−49.2%
196+7.1%
—
% of operating cash flow
11.5%
21.9%
163.3%
11.2%
7.3%
41.9%
7.2%
4.9%
2.3%
2.0%
Capex
204+10.2%
178−12.6%
267+49.9%
395+47.9%
419+6.1%
348−16.9%
442+27.0%
360−18.6%
183−49.2%
179−2.2%
214
Acquisitions
48−94.1%
460+849.1%
6,314+1273.7%
101−98.4%
0−100.0%
2,682n/m
126−95.3%
0−100.0%
0n/m
17n/m
—
Free cash flow
1,996+55.4%
2,735+37.0%
3,762+37.6%
4,027+7.0%
5,308+31.8%
6,882+29.7%
7,396+7.5%
6,942−6.1%
7,873+13.4%
9,852+25.1%
10,592
YoY
+55.4%
+37.0%
+37.6%
+7.0%
+31.8%
+29.7%
+7.5%
−6.1%
+13.4%
+25.1%
Returned to shareholders
1,075+72.0%
1,100+2.3%
2,050+86.4%
2,750+34.1%
3,050+10.9%
3,950+29.5%
6,550+65.8%
4,400−32.8%
9,500+115.9%
11,281+18.7%
—
% of free cash flow
53.9%
40.2%
54.5%
68.3%
57.5%
57.4%
88.6%
63.4%
120.7%
114.5%
Buybacks
1,075+72.0%
1,100+2.3%
2,050+86.4%
2,750+34.1%
3,050+10.9%
3,950+29.5%
6,550+65.8%
4,400−32.8%
9,500+115.9%
11,281+18.7%
—
Change in total debt
(15)
(11)n/m
2,243n/m
(3,136)−239.8%
3,128n/m
6−99.8%
(494)−8333.3%
5n/m
1,995+39800.0%
581−70.9%
—
Cash left over
857
1,164+35.8%
(2,359)−302.6%
(1,960)n/m
5,386n/m
256−95.2%
226−11.7%
2,547+1027.0%
368−85.6%
(865)−335.1%
—
FCF conversion (FCF ÷ net income)
170.8%−33.3 pp
161.4%−9.3 pp
145.2%−16.2 pp
136.5%−8.7 pp
100.9%−35.5 pp
142.7%+41.8 pp
155.5%+12.8 pp
127.9%−27.6 pp
141.6%+13.7 pp
138.2%−3.4 pp
—
Owner earnings
1,130
1,482+31.2%
2,602+75.5%
3,159+21.4%
5,832+84.6%
4,788−17.9%
5,050+5.5%
5,716+13.2%
6,433+12.5%
7,553+17.4%
—
Owner earnings margin
19.3%
20.3%+1.0 pp
28.8%+8.5 pp
28.3%−0.5 pp
45.3%+17.0 pp
30.3%−15.0 pp
28.7%−1.6 pp
29.5%+0.8 pp
29.9%+0.5 pp
31.8%+1.9 pp
—
Returns & ratios
ROIC (all capital)
25.7%+12.4 pp
37.9%+12.2 pp
35.6%−2.2 pp
34.2%−1.4 pp
45.2%+11.0 pp
40.0%−5.2 pp
39.1%−0.9 pp
44.4%+5.4 pp
44.8%+0.3 pp
61.6%+16.8 pp
—
ROIC (operating)
83.1%+35.5 pp
95.4%+12.3 pp
122.8%+27.4 pp
123.7%+0.8 pp
162.1%+38.4 pp
167.7%+5.6 pp
141.3%−26.4 pp
140.9%−0.4 pp
142.5%+1.6 pp
190.9%+48.3 pp
—
Net debt / EBITDA
−1.57x+0.10x
−1.58x−0.01x
0.28x+1.86x
−0.79x−1.07x
−0.38x+0.42x
−0.25x+0.12x
−0.35x−0.10x
−0.56x−0.20x
−0.30x+0.26x
−0.04x+0.26x
—
Debt / equity
0.25x−0.02x
0.22x−0.03x
0.44x+0.22x
0.09x−0.35x
0.31x+0.22x
0.28x−0.03x
0.26x−0.02x
0.22x−0.04x
0.40x+0.18x
0.53x+0.14x
—
ROE
15.7%+6.7 pp
20.0%+4.3 pp
27.7%+7.7 pp
28.0%+0.3 pp
39.7%+11.6 pp
32.6%−7.1 pp
33.8%+1.3 pp
32.9%−1.0 pp
39.4%+6.6 pp
61.3%+21.9 pp
—
ROA
9.2%+3.8 pp
11.7%+2.4 pp
13.8%+2.2 pp
14.2%+0.4 pp
21.7%+7.4 pp
17.7%−4.0 pp
17.5%−0.2 pp
18.2%+0.7 pp
18.4%+0.2 pp
24.2%+5.8 pp
—
ROCE
15.1%+5.6 pp
19.7%+4.6 pp
19.6%−0.1 pp
26.0%+6.4 pp
22.6%−3.4 pp
28.6%+6.0 pp
32.0%+3.5 pp
30.9%−1.1 pp
34.2%+3.3 pp
45.1%+10.9 pp
—
NOPAT
1,216+86.9%
1,718+41.2%
2,634+53.3%
3,009+14.3%
4,237+40.8%
4,904+15.7%
4,827−1.6%
5,309+10.0%
5,408+1.9%
7,107+31.4%
—
Invested capital (operating)
1,561+14.3%
2,041+30.8%
2,247+10.1%
2,619+16.5%
2,609−0.4%
3,239+24.1%
3,594+11.0%
3,940+9.6%
3,647−7.4%
3,800+4.2%
—
Invested capital (all)
4,556−7.4%
4,521−0.8%
10,258+126.9%
7,342−28.4%
11,389+55.1%
13,122+15.2%
11,584−11.7%
12,310+6.3%
11,848−3.8%
11,238−5.1%
—
Reinvestment rate
16.0%
27.9%+11.9 pp
7.8%−20.1 pp
12.3%+4.5 pp
−0.2%−12.6 pp
12.8%+13.1 pp
7.4%−5.5 pp
6.5%−0.8 pp
−5.4%−11.9 pp
2.2%+7.6 pp
—
Income
Nov '24
Feb '25
May '25
Aug '25
Nov '25
Feb '26
May '26
Aug '26
Revenue
5,606
5,714
5,873
5,988
6,194+10.5%
6,398+12.0%
6,618+12.7%
6,760+12.9%
vs year-ago quarter
+10.5%
+12.0%
+12.7%
+12.9%
Gross profit
4,990
5,092
5,235
5,346
5,545+11.1%
5,734+12.6%
5,903+12.8%
5,997+12.2%
Gross margin
89.0%
89.1%
89.1%
89.3%
89.5%+0.5 pp
89.6%+0.5 pp
89.2%+0.1 pp
88.7%−0.6 pp
Operating income
1,957
2,163
2,109
2,173
2,261+15.5%
2,418+11.8%
2,238+6.1%
2,354+8.3%
Net income
1,683
1,811
1,691
1,772
1,856+10.3%
1,889+4.3%
1,712+1.2%
1,827+3.1%
vs year-ago quarter
+10.3%
+4.3%
+1.2%
+3.1%
Net margin
30.0%
31.7%
28.8%
29.6%
30.0%−0.1 pp
29.5%−2.2 pp
25.9%−2.9 pp
27.0%−2.6 pp
EPS (diluted, $)
3.82
4.14
3.94
4.18
4.49+17.8%
4.60+11.1%
4.25+7.9%
4.62+10.5%
vs year-ago quarter
+17.8%
+11.1%
+7.9%
+10.5%
Balance sheet
Nov '24
Feb '25
May '25
Aug '25
Nov '25
Feb '26
May '26
Aug '26
Total assets
30,230
29,955
28,107
28,754
29,496−2.4%
29,704−0.8%
29,933+6.5%
29,981+4.3%
Cash & equivalents
7,886
7,435
5,713
5,940
6,595−16.4%
6,890−7.3%
5,626−1.5%
5,639−5.1%
Total debt
5,629
6,155
6,166
6,200
6,210+10.3%
6,229+1.2%
4,802−22.1%
4,766−23.1%
Shareholders’ equity
14,105
13,095
11,448
11,770
11,623−17.6%
11,433−12.7%
11,518+0.6%
11,764−0.1%
Cash flow
Nov '24
Feb '25
May '25
Aug '25
Nov '25
Feb '26
May '26
Aug '26
Operating cash flow
2,921
2,482
2,191
2,198
3,160+8.2%
2,958+19.2%
2,165−1.2%
2,523+14.8%
Capex
48
26
47
72
34−29.2%
37+42.3%
58+23.4%
85+18.1%
Free cash flow
2,873
2,456
2,144
2,126
3,126+8.8%
2,921+18.9%
2,107−1.7%
2,438+14.7%
vs year-ago quarter
+8.8%
+18.9%
−1.7%
+14.7%